Tebon Securities·2025-05-11 05:23Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - Precious metals, particularly gold, are expected to perform well in the long term despite recent price fluctuations. The report notes a slight increase of 0.33% in domestic spot gold prices and highlights improving international trade conditions, which may influence gold's safe-haven appeal [5]. - Industrial metal prices have mostly declined, with specific changes noted in copper, aluminum, lead, zinc, tin, and nickel prices. However, demand from the renewable energy sector is expected to offset declines in traditional industries [5]. - The report emphasizes the potential for investment opportunities in the non-ferrous metals sector, particularly in precious metals, as the Federal Reserve enters a rate-cutting cycle and domestic monetary policies strengthen [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Domestic gold prices have shown a slight increase, while international trade issues are showing signs of improvement [5]. 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel have varied, with copper prices slightly increasing by 0.3% [27]. 1.3 Minor Metals - Prices for rare earth elements like praseodymium-neodymium oxide have increased, indicating a potential rise in demand due to manufacturing recovery [30]. 1.4 Energy Metals - Lithium carbonate and hydroxide prices have decreased, with a focus on future demand growth for energy metals [34]. 2. Market Data - The report includes various tables summarizing price changes for different metals, indicating overall market trends [36]. 3. Important Events Review - Notable events include the resumption of production at a major nickel plant in Indonesia and the discovery of a significant copper deposit by Lundin Mining in South America [41][42].